SENATE FINANCE PANEL ENDORSES SNOWÆS NOMINATION FOR TREASURY
The U.S. Senate Finance Committee unanimously, by voice vote on Thursday, endorsed President Bush’s nomination of John W. Snow as Treasury Secretary.
Senators who are fighting for changes in private pension rules went on record as saying they would not let the full Senate vote until they had further discussions on pension rules with Snow, who is chairman, president and chief executive officer of Richmond-based CSX Corp.
Snow scheduled an afternoon meeting with two Democratic senators, Tom Harkin of Iowa, and Dick Durbin of Illinois.
The feuding is over U.S. Treasury rules that govern the “cash balance” pensions being put out by many companies to save money. Such plans are often alleged to hurt older employees.